P2P Bitcoin trading in the US sets up a new weekly record

Peer-to-Peer (P2P) Bitcoin trading has seen a sharp rise in the US recently, even managing to achieve an entirely new weekly All-Time High (ATH). The interest in P2P trading is certainly becoming popular, according to data delivered by UsefulTulips.

North American and North African P2P markets blooming

During the last 7 days, almost $29 million in Bitcoin was bought via the USD on some of the leading P2P marketplaces. The busiest ones are, of course, LocalBitcoins, as well as Paxful.

Over the course of last week, both North America and the Middle Eastern/North African P2P crypto trade saw a considerable increase. However, other regions saw slight declines in their weekly volumes.

More than $24 million in BTC was exchanged in the US on Paxful alone. Meanwhile, on LocalBitcoins, another $4.6 million exchanged hands.

Meanwhile, in Canada’s P2P market, another $1 million got exchanged last week, up until June 7th. Combined with the US records, this is around $30.2 million traded in North American P2P markets.

Interestingly, North American trade volume is more than twice as high as the second-strongest region — Sub-Saharan Africa, which generated $13.6 million.

How did the rest of the world perform?

As mentioned, the majority of regions saw a decrease in their own P2P weekly volume. One example is the Nigerian P2P trade, which has been making new records for weeks, only to suddenly start decreasing, seemingly for no reason. Nigerian P2P scene was the world’s second-largest Bitcoin P2P market per single nation, with a weekly trade of $8.76 million.

In the last week of April, the Russian P2P market saw $8.4 million. After that, it saw a 7.5% drop, which increased the gap between this country’s weekly volume and that of Nigeria.

Last week, Russia saw around $7.8 million in BTC exchanged. Meanwhile, Venezuela, which is the fourth-largest P2P market also saw an increase in trades. Its own weekly trade surged by a couple or percent last week, reaching $5 million per week for the second time since February of this year. Other notable mentions include the exchange of the GBP for BTC, which slightly exceeded $4 million last week. The next was China, which traded $3.87 million, followed by Colombia ($3.06 million) and India (2.87 million).